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One day before the 18-year anniversary of the Jaguars being named an expansion franchise, the team told its employees Wayne Weaver sold the organization to Shahid Khan, a Pakistani-born businessman who tried to buy the St. Louis Rams last season. Khan will be the first minority to be a controlling owner of an NFL team.

He added that Khan will maintain the team's management group.

"He'll be hands-on ... not day-to-day like I am ... but he'll be here...," Weaver said.

The new owner will be introduced at Monday night's game against the Chargers. Weaver did not reveal terms of the sale. Forbes reported the deal to be valued at $760 million.

Weaver said he does not doubt that the Jaguars will remain in Jacksonville and also said Khan will buy a home in the area.

Khan, who went to the University of Illinois, owns an auto parts manufacturing company called Flex-N-Gate.

Weaver said during a noon news conference that the change of hands will take effect after the season, and that he's known Khan for several years. He said he was willing to sell to Khan because he is passionate about the NFL and is willing to keep the team here in Jacksonville.

"This gentleman is absolutely the American story," Weaver said, speaking about his immigrant roots and his drive to become an engineer and the owner of a company that employs 10,000-plus people.

The Jaguars have also extended General Manager Gene Smith's contract for three years. Smith turned down a contract extension before the season began.

Smith has been with the Jaguars since they began and rose from being a scout under then-coach Tom Coughlin.

The news came the same day as the Jaguars fired head coach Jack Del Rio, who was in his ninth season. The Jaguars are 3-8 and mathematically eliminated from winning the AFC South. Del Rio finished with a 68-71 record.

gotowork: Thank you for clarifying. I agree with very much of what you said in your most recent post here. I love Jax and the Jags, and can't believe some of the posts the last 2 days...some by the very same people who a few days before were posting that the Jaguars need a new coach, new management, etc. Now, we get exactly what they said they wanted, and they don't like that, either. I'd suggest the nay-sayers buy their own NFL team, run it, and locate it wherever they like, but of course they can't...

$760 Million? Can someone please explain to me why the Jacksonville taxpayers gave up $4 million in naming rights to the oh-so-poor Thuguars? Taxpayer money should never be spent on sports or other luxury venues. Financial support for stadium construction, maintenance, etc. should be provided through bond issues to be paid by ticket sales, television rights and advertising. What, you say the amount of revenue would never support it? Then it should not be done or horror of horrors, perhaps the players are being way overpaid? Cities should be run like businesses where the taxpayers are the primary stock holders. There is no way that that the uninterested taxpayer should be required to support the multimillion dollar salaries of the players and owners.

Fan is short for fanatic. I wish more people in Jacksonille were just that about our Jags.

1 points

MadKow

Wednesday, November 30, 2011 @ 7:25 am

I for one welcome the change and hope Mr Kahn fields us a good team. He definitely doesn't sound like a cheap owner after paying cash for the team. If he gives us a competitive team then I have no fear of them leaving. Jacksonville has no problem filling our stadium for a good team.